CNOOC's Massive 100M Ton Oilfield Discovery in South China Sea

Chinese state-owned oil and gas company CNOOC has announced the discovery of a new oil reserve in the South China Sea, containing over 100 million tons of oil equivalent proved in-place at its deepwater Kaiping South oilfield near Guangdong province. The reserve, which contains light crude, is part of CNOOC's efforts to develop China's offshore oil and gas reserves and offset declining output from aging onshore fields, with the company raising its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent.